AutoNation hits 52-week high
Shares of AutoNation (NYSE: AN) set a new 52-week high on Friday, a day after it reported a 28.6 percent increase in second quarter income.
Shares of the nation's largest automotive retailer closed up 60 cents, or 2.66 percent, to $23.14, after trading near $20 on Monday. The 52-week low is $16.68.
Second quarter net income from continuing operations rose to $47.2 million, or 29 cents a share, from $36.7 million, or 21 cents a share, in the prior-year period.
After consolidation efforts last year, Fort Lauderdale-based AutoNation reported a loss from discontinued operations of $2.7 million in the second quarter, improved from an $17.3 million loss in the second quarter of 2009.
AutoNation said its 2010 second quarter revenue totaled $3.1 billion, up 20 percent from $2 no fax cash advance.6 billion in the year-ago period, driven primarily by stronger new and used retail vehicle revenue, which increased 25 percent.
Chairman and CEO Mike Jackson said he expected third quarter new vehicle industry sales to equal or surpass third quarter 2009 figures, even though year-ago sales included the "cash for clunkers" program.
President Mike Maroone said the company is encouraged by reports that manufacturers will step up production to match growing sales in the third and fourth quarters.
AutoNation ranked fifth on the South Florida Business Journal's April list of largest public companies and had ranked first before the recession slammed automotive sales.
Filed under: online by Wolf